Singapore-based cross border-payments platform TranSwap will partner with Currencycloud, which provides B2B embedded cross-border solutions, to let businesses collect and hold numerous currencies in the U.S., U.K., EU and other countries, a press release states.
By using Currencycloud Spark, TranSwap will be able to offer the Global Borderless Virtual Account (GBVA) to customers, enabling funds to be held in 34 currencies and allowing more flexibility for cross-border payment solutions, through being able to convert a company's funds to other currencies.
The program was developed to offer a solution to the lack of transparency and often complicated procedures in the cross-border payments field, the release says, using foreign exchange rates and easy visibility on fees.
The press release says businesses will be able to enjoy competitive advantages and manage funding in more efficient ways, and TranSwap aims to get 10,000 new small- to medium-sized businesses (SMBs) using its services by the end of 2020.
TranSwap CEO and Co-Founder Benjamin Wong said the partnership would especially boost businesses in the Asia-Pacific region to reach overseas markets.
“Currencycloud has been a reliable partner for us here at TranSwap, and their new product Currencycloud Spark allows us to add a larger breadth of services to all our customers," he said, according to the release. "Our new GBVA service can help businesses, especially [SMBs] in Singapore and Hong Kong, to expand into new overseas markets.”
The service isn't without demand, as cross-border payments have hit $29 trillion in value in 2019, expected to go even higher to $39 trillion within the next two years, PYMNTS reported.
But the pandemic has shaken up the industry, including a projected 20 percent fall in remittances as the economy suffers. By using digital means and new FinTech tools, though, money could resume getting to where it needs to go.